NorthX commits $1 million in follow-on capital to BC company turning CO₂ into valuable industrial chemicals

Funding supports pilot plant advancing commercial-scale low carbon chemical production

VANCOUVER, BC, May 26, 2026 /CNW/ - NorthX Climate Tech (NorthX) today announced a $1 million follow-on investment in BC-based Anodyne Chemistries Inc. to support the development of its EZ Formate Pilot Plant -- a first for Canada and among the first of its kind globally in scaling the production of industrial chemicals from captured carbon dioxide.

The investment builds on NorthX's initial $600,000 commitment in 2023, which helped Anodyne advance its bioelectric manufacturing technology from lab-scale into demonstrated industrial-grade processes. With this follow-on funding, NorthX brings its total investment in Anodyne to $1.6 million, demonstrating its role as a catalytic early-stage funder supporting companies from initial validation through to commercial readiness.

"The chemical industry is under pressure to find cleaner, more stable alternatives to fossil-fuel-based production, and Anodyne Chemistries is showing that BC can lead that transition," said Adrian Dix, Minister of Energy and Climate Solutions. "NorthX's investment in the EZ Formate Pilot Plant backs world-leading technology that turns CO₂ into valuable industrial chemicals, delivering both environmental and economic returns for the province."

Reimagining how industrial chemicals are made

The global chemical industry, currently valued at over $3 trillion, is reeling from a surge in methanol and energy prices triggered by ongoing instability in the Middle East. This volatility has placed immense pressure on the $7.5 billion formates market, which remains dangerously tethered to fossil-fuel-intensive production. As costs skyrocket for critical applications in agriculture, construction, drilling and de-icing, the industry's reliance on carbon-intensive feedstocks has shifted from a sustainability challenge to an immediate economic emergency.

Against this backdrop, Anodyne is rethinking how industrial chemicals are made, using carbon dioxide as a starting point instead of conventional fossil feedstocks. Its bioelectric manufacturing process converts CO₂ into industrial-grade formates using off-the-shelf reactor systems, with the potential to lower energy use and significantly reduce emissions compared to conventional methods. Anodyne projects lifecycle emissions reductions of more than 99 percent.

NorthX's follow-on investment will support the next phase of development: de-risking and validating the technology at scale through a modular EZ Formate pilot plant in British Columbia. The pilot will serve as the foundation for Anodyne's first commercial-scale facility, targeting 10,000 tonnes per year of formate production. The EZ Formate Pilot Plant will be a modular, scalable facility designed to demonstrate commercial-scale production of low-carbon formates from captured CO₂.

"The chemical industry underpins modern life, but it's still built on fossil inputs," said Sarah Goodman, President and CEO of NorthX Climate Tech. "Anodyne is rethinking those inputs, using captured CO₂ and low carbon electricity to produce chemicals more cleanly, without toxic byproducts. We backed them early and have seen strong technical and commercial traction, and we're proud to support this next phase as they demonstrate performance at industrial scale and help establish a new model for low carbon manufacturing."

Since its initial funding, Anodyne has secured additional federal support, expanded its operations, and built a growing customer base across Canada and internationally. Throughout this journey, NorthX has provided support beyond capital, by facilitating introductions to industrial partners and providing a platform to amplify Anodyne's profile across the industry. 

"NorthX's early support allowed us to move quickly from initial development into building and testing our process at a commercial scale," said Iain Evans, Chief Executive of Anodyne. "Since then, we've grown our team, secured customers, and advanced the bioelectric manufacturing platform. This pilot is the critical step in demonstrating that our platform can deliver the cost and supply certainty needed by the world's largest manufacturing systems. We're grateful for NorthX's continued support as we move into this next phase."

At commercial scale, Anodyne stands to reduce up to 5.4 million tonnes of CO₂e annually and generate over $100 million in revenue, helping establish British Columbia as a hub for low carbon manufacturing and making the case that carbon utilization can deliver real environmental and economic returns.

Impact at a glance:

• $57.6 million in non-dilutive funding deployed
• $301M million project value supported
• 89 projects supported
• 874 jobs created
• $621 million in follow-on funding catalyzed

About NorthX Climate Tech
Founded in 2021 with an initial investment from the BC Government, the Government of Canada, through Natural Resources Canada's Energy Innovation Program, and Shell Canada, NorthX Climate Tech (NorthX) is a catalyst for climate action, funding the climate hard tech solutions that transform industries and build lasting prosperity.

Rooted in British Columbia but global in vision, we unite visionaries, investors, industry, government, and partners to scale technologies that drive deep decarbonization and economic growth for Canada. Like the "X" on a map, we pinpoint that pivotal moment when potential is immense, but capital is scarce, that place where local strengths become global solutions.

SOURCE NorthX Climate Tech

Media Contact: SOMA Public Relations, Christina Demare, [email protected], 604-617-5311